Stronger Together
A recent panel of seasoned leaders offered invaluable perspectives on how businesses can not only survive but thrive amid a complex and rapidly changing economic landscape.
Partner and CEO of Junxion, Mike has spent more than 20 years working to catalyse social responsibility and sustainability.
Canadian companies today face a complex and rapidly changing economic landscape, and a recent panel of seasoned leaders offered invaluable perspectives on how businesses can not only survive but thrive amid turbulence. Drawing from deep experience and hard-earned lessons, the speakers at Toronto’s Stronger Together event shared practical strategies, candid reflections, and plenty of quotable wisdom.
The event brought together nearly 100 business leaders from in and around Toronto to hear comments from Mauricio Zelaya PhD, Partner & National Economics Leader at EY-Parthenon. His insightful presentation outlined findings from EY research into CEOs’ sentiments during this time of economic challenge. Among his many salient points was a suite of risk factors, ranked according to CEOs’ views on their relative importance as threats to their companies. Not surprisingly, the leading factors were the dramatic changes AI is bringing into the workplace and the ongoing impacts of tariffs implemented by the Trump administration.
Others were seen as equally influential: the ability to attract and retain talent; uncertainty and unpredictability itself; environmental, social, and governance factors that will affect corporate success; and their organizations’ capacity to remain innovative.
After Mauricio’s comments, six leading Canadian business advisors shared complementary insights, drawing on their decades of experience supporting businesses in Canada and around the world. The panel included…
- Jay-Ann Gilfy, CEO of Meridian Credit Union
- Jonathan Hess, Investment Banking Partner at Fort Capital
- Rob Miller, Founder and CEO of business and Indigenous law firm Miller Titerle + Company
- David Poirier, CEO of The Poirier Group, a strategy implementation and process efficiency firm
- Mike Rowlands, CEO at impact advisory firm Junxion Strategy
- Laura Vaughan, Ontario Regional Director of MacKay CEO Forums
The following are some of the key insights shared by the panel.
Insights from Community, Connections, and Context
Laura Vaughan, speaking candidly as someone who led a $40-million manufacturing business through the impact of the 2008 crisis, emphasized the emotional toll and the critical role of support networks: “Community fuels resilience. During crisis, having peers invested in my success lifted a burden from my shoulders.” She encouraged today’s leaders to engage in confidential peer groups, where real talk about challenges creates energy and focus for the hard conversations.
Vaughan distilled her advice into three pillars: Community, Connections, and Context. Connections helped her bridge to key resources (like alternative financing and expert consultants) while Context, gained via regular peer gatherings and trusted thought leaders, “reduced uncertainty and fear, helping us make better decisions.” Vaughan concluded her firsthand story by stating, “We’re not meant to figure out resilience on our own. We’re made better by the people around us. We’re stronger together.”
Growth Readiness Through Creative Financing
Accessing working and growth capital remains difficult, particularly as banks tighten lending standards due to uncertainty, even as interest rates fall. “The gap between headline rates and actual availability of capital for mid-market companies is real,” remarked Jonathan Hess. This means entrepreneurs must pursue competitive capital raise processes, seek alternative lenders, and structure innovative solutions such as convertible debt or staged equity.
Credit unions and specialty lenders offer valuable options, especially for those who don’t fit the “traditional bank box.” Advisors stress entrepreneurs who are raising equity (or blended capital) prepare thoroughly for due diligence and keep in mind the negotiating power they’ll gain if they have multiple term sheets in-hand.
Valuation pressures are acute. Some industries have seen revenue multiples drop from 8-10x to 5-6x. “The reality squeeze means some owners feel trapped, unable to sell, yet struggling to grow,” Hess noted. For owners nearing retirement or impacted by trade uncertainty, succession and liquidity planning are more urgent than ever. The panelists recommended exploring options such as staged liquidity transactions, management buyouts with external support, and strategic partnerships that combine liquidity with growth opportunities.
The reality squeeze means some owners feel trapped, unable to sell, yet struggling to grow.
Refocus the Lens
The panelists all agreed that it’s not just businesses that are struggling; it’s also their people. Personal debt is high; market and job uncertainty creates anxiety; life is more expensive; and the way we work is constantly changing. And when resources are tight, employers can struggle to help.
Rob Miller talked about creative, non-monetary ways he’s seen businesses reward their employees. Many creative employers who are successfully building culture in challenging times are focusing on intrinsic rewards, as opposed to extrinsic ones like cash bonuses. These include doubling down on purpose so people find true meaning in their work; identifying different definitions of success (like measuring growth of market share instead of growth of revenue); and looking to employee ownership to provide meaningful bonuses when cash is not available (or even to raise cash in a non-traditional way).
Alignment Through Operational Excellence
David Poirier emphasized that “Profitable growth is all about the people you surround yourself with and how they are aligned to your organization’s success.” He highlighted five foundational words: Communication, alignment, visibility, accountability, and discipline.
“True two-way communication with all involved is critical,” Poirier stressed, noting that confused executive teams often have mismatched priorities. Organizations should rigorously map current processes and clearly define what success looks like at the end of their planning horizon. Effective measurement systems provide visibility, while accountability means every person understands their contribution to outcomes.
Mike Rowlands agreed, noting that companies at the leading edge of social purpose—those mobilizing their companies’ capacity and resources toward making a positive contribution to human and planetary wellbeing—are also characterized by rich and meaningful stakeholder engagement practices.
The closer leadership can get to suppliers on the one hand and customers on the other, the more likely they are to identify risks before they become negative impacts on the business.
On discipline, Poirier offered a memorable analogy: “Think of a great sports team. If they were overly rigid, they would be predictable. Instead, they’re disciplined, agile, and coordinated in the face of challenges.” An operational focus helps organizations adapt quickly and sustain growth. Again, Rowlands agrees: agile strategy implementation is imperative in today’s markets. Agility is not about revising strategy based on the nearest term opportunities. (“That’s whimsy,” he says, “the worst cliché of entrepreneurial behaviour!”) True agility is about course correcting and managing the influences that are likely to blow your company off course. Your purpose and vision should remain stable and enduring, even as you adapt your strategy to meet the storms of the day.”
Resilience from Strategic Partnerships
Jay-Ann Gilfoy shared how Meridian’s cooperative approach drives resilience among member businesses. “We keep connected, check in during tariff situations, and go old school—visiting and supporting members in person,” she explained. The institution has piloted innovations like grants for small businesses, digital process upgrades, and partnerships with the Business Development Bank of Canada (BDC) to backstop loans. “Helping businesses to grow is one of our key mandates. Being a community connector—hosting events, supporting local causes, and sharing information—makes a stronger community if we have strong businesses,” she said.
Recent practices in-house at Meridian include mind shifts to focus on opportunity amidst chaos, scenario planning, learning about AI, and strategic partnerships to accelerate progress. Clarity on priorities is vital, especially when tough choices are needed.
Navigating Challenge with Proactive Leadership
The common thread across all perspectives was the necessity of facing uncertainty head-on. Companies that move beyond ‘wait and see’ to act, leveraging the expertise, resources, and support around them, are positioning themselves to weather economic storms and emerge stronger.
Whether through strategic analysis, peer support, creative financing, or operational discipline, Canadian business leaders can take inspiration from the panel’s collective wisdom: seek community, embrace proactive planning, and never underestimate the power of decisive action. As one speaker concluded, “This is when independent advice matters most. The cost of waiting and hoping often exceeds the cost of acting decisively now.”
To learn more or to book an introductory call with any of the six advisors, reach out using the following links:
Jay-Ann Gilfoy, we can give your business a second opinion on financial products and services.
Mike Rowlands at Junxion Strategy is offering free access to their Impact Wayfinder assessment, which points the way to more resilient, responsive, and purposeful growth.
Laura Vaughan at MacKay CEO Forums suggests that if you’re leading through volatility and want a sounding board who’s been there, schedule time with Laura to explore whether a MacKay peer group could be the strategic advantage you’re missing.
To learn more about Fort Capital, Miller Titerle + Company, and The Poirier Group, reach out to Jonathan Hess, Rob Miller, and David Poirier, respectively.
